A new cultivar of peach tree called ‘White Diamond’ is described herein. The new cultivar originated from a hand-pollinated cross of Ark. 392 (female, non-patented, unreleased genotype)×White River (male, U.S. Plant Pat. No. 15,159) made in 1994. The seeds resulting from this controlled hybridization were germinated and grown in a greenhouse between late fall 1994 and April 1995 and planted in a field near Clarksville, Ark. The seedlings fruited in the summer of 1998, and one seedling, designated Ark. 700, was selected for its late-season maturity, firm flesh, low-acid flavor, large freestone fruits and resistance to bacterial spot disease.